12/18/2023 0 Comments Rocket mortgage current ratesJumbo loans from Rocket Mortgage are for homes with high purchase prices. Homebuyers should be aware, though, that they’ll need to pay up to 6% of the home’s purchase price as closing costs in addition to their down payment. Rocket Mortgage offers these loans as 15 or 30-year options with a fixed or adjustable interest rate to suit each borrower’s needs. In exchange for a lower down payment, the loan places mortgage insurance on the loan for 1.75% of the loan amount and a monthly insurance premium. This loan type is best for buyers who don’t have a lot of extra cash for a down payment, as it only requires a minimum of 3.5% of the sales price. FHA Loansīorrowers with a credit score of 580 minimum may qualify for an FHA loan through Rocket Mortgage. On the other hand, a 10/6 ARM gives 10 years of fixed payments before switching to adjustments every six months. For example, a 7/6 ARM has a seven-year fixed period with adjustments as frequent as every six months after that period. Rocket Mortgage has a few different adjustable rate mortgage options to fit different situations. These loans are usually best for homebuyers who don’t plan on staying in their home long-term or plan to pay off their mortgage early. However, your adjustable-rate mortgage comes with a fixed period during which your interest rate won’t move, and many loans have a low introductory interest rate during the fixed period. Unlike fixed-rate loans, these mortgages have varying interest rates that go up or down based on industry rates. Adjustable Rate MortgagesĪdjustable-rate mortgages are another type of conventional loan offered by Rocket Mortgage. There are also no prepayment penalties incurred if you decide to pay off your mortgage early. Some of these loans may require mortgage insurance if you make a down payment of less than 10%, but this varies by lender.įixed Rocket loans offer some of the best Rocket Mortgage rates for various types of homes, including single-family residences and manufactured homes. Rocket Mortgage has loans for 15 and 30 years, with 30-year loans providing the lowest monthly payments and 15-year loans helping you pay off your mortgage faster. These loans can be more predictable in terms of repayment, allowing you to keep your mortgage payment relatively the same from year to year, even if market rates go up. 15-Year and 30-Year Fixed LoansĪ fixed-rate mortgage loan is one with a fixed interest rate that won’t change over time. These Rocket products vary by lender, so you’ll need to check with local lenders to see what Rocket Mortgage products are available. Rocket Mortgage customers can choose from a variety of loan types based on their specific home-buying needs. Rocket Companies offers additional services to help homebuyers save money on everyday costs, like Rocket Auto for car buying, and Rocket Loans for personal loans and debt consolidation products. Once a mortgage is approved, you can use the app to make payments on your loan, view your documents, get home estimates, or apply to refinance your home. We also like the Rocket Mortgage mobile app ( iOs, Android), which lets you track the progress of your mortgage application and get help along the way. Some of the most popular benefits are its helpful customer service, competitive mortgage rates, various types of home loans, and ability to complete an entire mortgage application online. With its high customer satisfaction rates, it’s clear that homebuyers like what Rocket Mortgage offers and consider it one of the best mortgage lenders. You can use the Rocket Mortgage website to search for a nearby lender to learn more about potential loan options in your local mortgage industry. However, mortgage options vary by lender, so not all products may be available where you live. Rocket Mortgage serves homebuyers in all 50 states and the District of Columbia. Fairway Independent Mortgage CorporationĪvailable in all 50 states + Washington, DC.With a simplified mortgage process, preapprovals, and multiple home loan options, Rocket Mortgage is a mortgage lender that puts homebuyers first.Īs one of the best mortgage lenders, Rocket Mortgage’s competitors include: Rocket Mortgage is a versatile lender with a mission to help as many types of homebuyers as possible secure a mortgage that works for them, whether they buy and flip real estate or are looking into homeownership for the first time. Minimum Credit Score: 580 Why We Like Rocket Mortgage Types of Loans: FHA Loans, Jumbo Loans, VA Loans, Conventional Loans, Refinance Loans No Home Equity Line of Credit/HELOC option.
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